You're going to hate this, and it is going to sound like stuff you already know. Everything works on relationships. Find your local real estate investment group and go to listen. Talk to people to find out what they need, and see how you might be able to meet their needs. You can learn a lot which will help you toward your goals if you spend time with people who are already doing what you want to do.
Thank you for your honesty. You paid for your crime and you should not be chained to a life sentence because of it. And I sense you are not the type that will waste anyone's time when sharing your strengths and weaknesses. Unfortunately the world ( at least here in the USA) is no longer a place where the one's with the money will lend to those that really need it based on the strength of personality and ethical standards. That being said, any family/friend/associate willing to capitalize on your hard-work and dedication contributions with them bringing funds to the table? If so, make sure you get a small yearly ownership percentage for your contribution (i.e.: finding the deal, manage the property, maintain the property, buying equity over time, etc). LLC's work very well for these type of set ups and transfer of ownership percentages. Get connected to anyone and everyone in real estate that is willing to start a relationship. If nothing more than you putting yourself out there as available to participate in the areas I mentioned above. You can do it and it may take a few years to get "that first one" but don't despair. The best investors will always listen to the particulars of a "good deal". Find a deal and go sell it!!
Thank you Amanda and Sam for your advice. I greatly appreciate it
I'm not going to pretend I know what you are going through. I too am appalled at the increasing inability to get a second chance in the USA, a country founded, developed and built on second chances.
My suggestion is to stop looking for a "real" job and start creating your own. You've got a BBA, so put it to use. Start online blogging, start creating your own business. Buy a business with owner financing. Master lease a property. Do property management. See if you can get licensed as a real estate agent from your state. Some of this won't work. Some of it will.
Also, I would keep the fact that you are a ex-felon out of the discussion unless it's necessary. I can imagine it's a huge part of your life. I'm going to say that was a part of your former life. To move forward, to become the person you want to become for yourself and your wife, you have to find a way to cleave that identity/label from your being.
This will be your biggest challenge. When you accomplish this, Real Estate will be child's play. If you want to be successful change your mind set about who and what you are/were.
In case it's not clear from my post, I admire your honesty, directness and self reflection. I think you can be successful, and accomplish your goals. My opinion is a revision of mindset might be the best place to start.
Hope that helps.
Thanks so much guys. I’ve been “working” driving Lyft and shopping with Shipt and being a field rep for RP Field. I gave up in a regular job. Just trying to stack my money and never have to work for anyone I want to get my first property and so on and so forth and never look back. I also have some other business goals as well.
I appreciate everyone that took the time to give me their advice and encouragement. It means a lot to me.
in most states as long as your felony is not financial you can get a real estate license I woujld do that.
then work for a top producer and learn the trade.. do his or her busy work share commisisons.
I have seen many apprentice for 3 to 5 years then strike out on their own and end up doing quite well for themselves.
trying to be a real estate investor with limited financials is a pretty tough thing to do with or without criminal backgroudn
FHA guidelines might allow for your situation, if your a non commissioned W2 employee, self employment or commission in income requires an earnings period to average over. Unless the rules have changed, FHA would treat you just like a recent college graduate.
@Metta Marie Read everything you can on this site about marketing for and negotiating with motivated sellers. Motivated sellers don't care about your background, your finances, your gender, race, religion, sexuality, or anything else of a personal nature. They care about one thing and one thing only...do you have a workable solution to their problem?
I've been at this for 20 years and I've never had a truly motivated seller ask me anything other than "where do I sign?" If you spend every waking moment searching for motivated sellers there is no reason you can't buy a duplex to live in rent-free and get your investing career started within the next 30-90 days. And you'll never be asked about your criminal history, your bank account, or your credit score.
Google Jay Morrison, Mr RealEstate. He’s a felon, who took the principles he learned selling drugs and applied it to real estate. He’s successful and helps others.
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